Microfinance startup Lupiya has received an investment of $1 million from a US Venture Capital fund Enygma Ventures.

Brighter Investment Investor Relations Manager Belinda Kuglenu argues that although school closures, rising unemployment rates and falling wages may result in delayed distributions to investors, the outlook for "long-term returns remain strong."

As the world continues to face economic turmoil resulting from the COVID-19, communities in Zambia are turning to informal savings groups to cushion the impact of the pandemic.

Central banks in Africa are responding to COVID-19 by investing in practical solutions that bring disadvantaged groups into formal financial services, accelerating their ability to recover and build resilience against future crises.

The COVID-19 outbreak and the economic downturn it triggered gave the fintech sector in Bulgaria a chance to see various opportunities for mass adoption of financial technology in the near future.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

TerraPay and Visa have today announced a strategic partnership that aims to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.

The National Fund for Inclusive Finance is putting in place mechanisms to support its partnering microfinance institutions amidst the COVID-19 crisis. 

IFC is providing a $50 million senior loan to Garanti BBVA to help micro, small, and medium enterprises weather the effects of the COVID-19 pandemic.